This site is 100% ad supported. Please add an exception to adblock for this site.

ACC - 153 Chapter 2


undefined, object
copy deck
A record of increases and decreases in specific asset, liability and stockholders' equity items
Chart of accounts
A list of accounts and the account numbers that identify their location in the ledger
Common stock
Issued in exchange for the owners' investment paid in to the corporation
Compound entry
A journal entry that involves three or more accounts
The right side of an account (Cute way to put it....I don't know what to say, except I learned it a BIT differently.... WTF?)
The left side of an account (Ok, now it's getting old.)
A distribution by a corporation to its stockholders on a pro rata (equal) basis
Double-entry system
A system that records in appropriate accounts the dual effect of each transaction
General Journal
The most basic form of journal
General ledger
The ledger that contains all asset, liability, and stockholders' equity accounts
An accounting record in which transactoins are initially recorded in chronoligical order
The entire group of accounts maintained by a company
The procedure of transferring journal entries to the ledger accounts
Retained earnings
Net income that is retained in the business
Simple entry
A journal entry that involves only two accounts
T- Account
The basic form of an account
The Three-Column form of account
A form with columns for debit, credit, and balance amounts in an account
Trial Balance
A list of accounts and their balances at a given time.

Deck Info